CME Group to List USD Eris Interest Rate Swap Futures

May 11, 2018Anna Reitman

CME Group and Eris Exchange announced they have entered into an exclusive licensing agreement to list USD Eris Interest Rate Swap futures, which already clear at CME Clearing. Eris futures will be listed with CBOT starting in the fourth quarter of 2018, and existing open interest in the contracts will be transferred to CME Group at that time.

The Eris futures will trade alongside the MAC Swap Futures. Until the migration in late 2018, Eris Swap Futures will remain listed at Eris Exchange and cleared at CME Clearing, where they are subject to margin offsets with CME Group’s interest rate futures.

Virtu Financial recently commenced streaming two-sided markets in Eris’ electronic order books. Douglas Cifu, CEO of Virtu and Eris board member, said: “Pairing Eris’ deep and liquid markets with CME Group’s global distribution is an exciting development that will further accelerate the adoption of Eris Swap Futures as a benchmark future for hedging LIBOR swap risk.”